The
sale of new homes in the United States has hit a 17-year low and real estate
experts have predicted that figures could continue to drop as the new year
approaches. Coupled with the drop in new homes sales is an eight-month high in
price drops for new homes.
Many
expect the slumping real estate market to continue its slide until the prices
hit a low enough level to reduce the number of new homes for sale.
According
to the latest numbers from the U.S. Commerce Department the sale of new homes
was down 2.9% from October and showed an annual sales rate of just 407,000 new
homes.
That
figure is the worst since January 1991 and with the current economic slump that
has crippled the housing market for more than two years Decembers numbers could
be even worse.
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